承销费用、政府定价管制与 IPO 抑价--来自中国首次公开发行公司的经验证据

摘要

This paper selects the data of A-share IPO companies from November 1, 2001 to 31 December 2012 as sample examine the relationship between underwriting fees and IPO underpricing , and degree of government pricing regulations on the relationship between underwriting fees and IPO underpricing .OLS and 2SLS regression results show that underwriting fees and IPO underpricing are significantly positive correlat .the improvement of government pricing regulations , underwriting fees and IPO underpricing and even turn negative correlation relationship .%选择2001年11月1日至2012年12月31日的中国A股IPO公司为研究样本，分析承销费用与IPO抑价之间的关系及其在政府定价管制程度不同情况下对承销费用与IPO抑价关系的影响。结果显示，承销费用与IPO抑价呈正相关关系；而政府定价管制程度的提高会削弱承销费用与IPO抑价之间的正相关关系，甚至会使其转向负相关关系。